As the financial year comes to a close, many small business owners in Doncaster and the surrounding area find themselves facing a familiar rush — tying up loose ends, getting accounts in order, and preparing for tax obligations. A bit of forward planning now can help you avoid unnecessary stress and put you in a better position for the year ahead.
Here’s a practical year-end checklist tailored for small and medium-sized businesses in South Yorkshire.
1. Reconcile Your Bank Accounts
Start by making sure your business bank account matches your accounting records. Any discrepancies should be investigated and resolved before finalising your books. If you’re using accounting software like Sage, this step can be automated. Just make sure your records are clean and up to date.
2. Chase Outstanding Invoices
Late payments can skew your financial reports and impact your cash flow. Review all unpaid customer invoices and send polite reminders before the year-end. If debts are unlikely to be paid, consider whether they should be written off or pursued further.
3. Organise and Categorise Expenses
Make sure all business-related expenses are accounted for. This includes receipts, subscriptions, mileage, and any last-minute purchases. Properly categorised expenses reduce your tax bill and give you a clearer picture of your business’s profitability.
4. Review Payroll and Pension Records
For businesses that run payroll, confirm that all employee payments, deductions, and pension contributions are correct and submitted to HMRC. Year-end is also a good time to ensure you’re still compliant with auto-enrolment requirements and pension staging rules.
5. Check for Any Allowable Deductions
There may be expenses or allowances that you’re eligible to claim before year-end, including:
- Annual investment allowances for equipment
- Home office costs if you work from home
- Professional subscriptions and training
An accountant can help you make the most of what’s claimable.
6. Run Your Final Accounts
Prepare a profit and loss report and balance sheet to get a clear overview of your financial position. Even if you’re using a bookkeeper or accountant, reviewing these yourself helps you understand how your business is performing.
7. Review Director’s Loans and Dividends
If you’re a limited company director, check your director’s loan account and decide whether to draw a salary, take dividends, or repay any amounts. Dividends must be supported by available profits. Your accountant can guide you through this.
8. Plan for Corporation Tax or Self Assessment
Make sure you’ve set aside enough to pay Corporation Tax or your Self Assessment bill. If your profits have changed significantly this year, a pre-year-end tax planning session with your accountant could help reduce your liability.
9. Prepare for Making Tax Digital
If you’re VAT-registered, you’ll already be complying with Making Tax Digital rules. But if you’re a sole trader or landlord earning over £50,000, you’ll need to be MTD-compliant for Income Tax from April 2026. Now is a good time to make sure your record-keeping is digital and future-proof.
10. Book Your Year-End Review
Don’t wait until the last minute to get support. Book a session with your accountant before your financial year closes. They can:
- Spot tax-saving opportunities
- Highlight any compliance risks
- Help you plan for next year
At Garner & Daughters, we work with businesses across Doncaster, Conisbrough, Mexborough, and beyond to ensure their year-end is smooth, accurate, and stress-free.
Ready to Get Organised?
Whether you need help with final accounts, payroll, VAT, or simply getting your books in order, we’re here to help. Our services are tailored for small business owners who don’t have the time or desire to handle everything themselves.
- Friendly, local support
- Sage software expertise
- Flexible appointments to suit your schedule
Contact us today and let’s get your business year-end ready.
